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FMBN’s N500bn Recapitalisation Underway as FG Seeks Legislative Amendments

 

By Grace Chigbu

The Federal Mortgage Bank of Nigeria (FMBN) is poised for significant growth as the federal government pledges legislative amendments to facilitate its recapitalization to N500 billion. This move, announced by the Minister of Housing and Urban Development, Ahmed Dangiwa, during the FMBN Management Retreat in Abuja, signals a positive outlook for the housing sector.

The legislative amendments, which will affect laws such as the National Housing Fund (NHF) Act of 1992 and the FMBN Establishment Act of 1993, are expected to streamline processes and enhance access to housing loans, particularly for contributors to the National Housing Fund. This development holds promise for thousands of families, as it opens doors for them to realize their dreams of homeownership.

Furthermore, the recapitalization of FMBN is anticipated to have a ripple effect on the economy. Increased homeownership translates to heightened productivity and economic activity within the housing sector. This, in turn, creates employment opportunities for both skilled and unskilled laborers, fostering sustainable development.

Minister Dangiwa emphasized the government’s commitment to supporting FMBN in fulfilling its mandate to provide affordable housing solutions to Nigerians. He underscored the importance of quality customer service, urging FMBN staff to view their roles as avenues for serving the populace.

  1. The theme of the retreat, “Transformational Innovation for Sustainable Development in Uncertain Times,” resonates with the overarching goal of FMBN’s evolution into a modern, impactful, and resilient housing finance institution.

 

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